Match the Determinants with the appropriate change in the market for chocolate. Match the Determinants with the appropriate change in the market for chocolate.Price of a good increasesChange in subsidies or taxes on producers, resource costs,or production technologyChange in consumer tastes, income, expectations, or relatedgoods.: Change Supply: Change Demand: No Change in the supply or demand curve

Price of a good increases - No change in the supply or demand curve Change in subsidies or taxes on…

Answered: Match the Determinants with the…

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter4: Demand, Supply, And Market Equilibrium

Section: Chapter Questions

Problem 25P

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Similar questions

Assume that the equilibrium price of French fries rises, while the equilibrium quantity falls. The most consistent explanation for this observation is:a. An increase in the price of onion rings (a substitute for French fries).b. A fall in the price of onion rings.c. A rise in the price of potato bread (production-side substitute for French fries)d. A fall in the price of potato bread.Note: the answer is alternative C) and you are asked to argue why it is correct; and further argue why the other alternatives are false or uncertain.
Given the products and conditions below, indicate how the events affect the demand, supply, equilibrium price and quantity of the goods. (a) Videotapes specifically . The price of DVDs and DVD players decreases. New technology makes videotapes easier to produce. The shift in demand is greater than shift in supply. (b) Tomatoes. FDA publicly announces that eating tomatoes and tomato-based products can significantly reduce one’s risk of developing cancer. An unexpected freeze late in the tomato season destroys a significant portion of this year’s crop. The shift in supply is greater than shift in demand.
Which of the following would NOT be a determinant of demand? A. the price of related goods B. the prices of the inputs used to produce the good C. income D. expectations
Consider the market for minivans. For each of the events listed, determine whether demand or supply would be affected and whether the demand or supply would increase or decrease? A strike by steelworkers raises steel prices.? Engineers develop new automated machinery for the production of minivans.? The price of sports utility vehicles rises? A stock-market crash lowers people's wealth?
Will the equilibrium price and quantity of ventilators increase or decrease if a new cost-saving technology is discovered?Select one: a. The discovery of this new technology is a supply shifter and will result in an increase in the quantity and decrease in the price of ventilators. b. The discovery of this new technology is a demand shifter and will result in an increase in both the quantity and price of ventilators. c. The discovery of this new technology is a supply shifter and will result in an increase in the price and decrease in the quantity of ventilators. d. The discovery of this new technology is a
"Assume that the price of crisps rises while the equilibrium quantity falls. Explain in each of the following cases whether they are true, false or uncertain and argue with respect to the statement made: a. An increase in the price of onion rings (a substitute for potato crisps) b. A fall in the price of onion rings. c. An increase in the price of potato bread (production-side substitute for potato crisps). d. A fall in the price of potato bread.
Steak and (Potatoes or Carrots) are typically paired for a meal as complements. Potatoes are a normal good. Carrots are an inferior good. Potatoes and Carrots are substitutes. Use this information to answer the following question: What will happen to the equilibrium price and quantity of carrots if consumer disposable income falls? A. Price will decrease, Quantity will decrease B. Price will decrease, Quantity will increase C. Price will increase, Quantity will decrease D. Price will increase, Quantity will increase Only typed answer
What will happen to the equilibrium price and quantity of pens if the price of pencils rises, consumers experience an increase in income, writing in ink becomes fashionable, people expect the price of pens to rise in the near future, the population increases, fewer firms manufacture pens, and the wages of pen-makers increase? a. Equilibrium quantity would decrase, but the impact on equilibruim price would be ambiguous. b. Equilibruim price would increase, but the impact on equilibruim quantity would be ambigious. c. Equilibrium quantity would incrase, but the impact on equilibruim would be ambiguous d. Equilibrium price increases and equilibruim quantity decreases e. Equilibrium price would decrease, but the impact on equilibrium quantity would be ambiguous.
What is the equilibrum price and Quantity on the following: a) Demand p = 100-5q, Supply p = 0+10q, b) Demand p = 100, Supply p = 20+4q
Factors affecting demand and supply are the various factors that influence the quantity of a good or service that buyers (consumers) are willing to purchase and the quantity that sellers (producers) are willing to produce and sell, respectively. Understanding the factors is important for businesses, policymakers, and consumers to make informed decisions about pricing, production, and consumption. The prediction is that global consumption of crude oil will exceed production by 20 million barrels this year, which means there will be a shortage of supply. This could lead to further price increases if demand continues to grow, which would result in higher costs for consumers and businesses. However, this imbalance is likely to be corrected over time as higher prices incentivize more production, while lower demand could lead to a reduction in consumption. Additionally, new sources of supply could come up or existing sources could increase their output in response to higher prices. In the…
Are predictions using the supply-and-demand model likely to be reliable in each of the following markets ? a) Apples b) Convenience storesc) Electronic games ( a market dominated by a few firms)d) Used cars
If the future price of oil is expected to be lower than the current price both consumers and producers of crude oil expect crude oil prices to decrease in the near future show and explain the impact of these expectations on the market for crude oil, ceteris paribus?

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